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Placeholder %P in strings not working

Hi all,
I added a string entry(MY_STRING_MESSAGE) in the string Editor. I am using %P somewhere in the string text.
However, when using this string the %P is not getting replaced with the Product Name which it is supposed to.
Am I missing something?

strMsg = @MY_STRING_MESSAGE;
MessageBox(strMsg, SEVERE);

When the message above gets displayed %P is not replaced with the Product Name.